Singapore Allows More Currency Gains as Growth Accelerates

Singapore’s economy grew more than twice the pace economists estimated in the first quarter and the central bank said it would allow further gains in the currency in the third tightening of monetary policy in a year.

The Singapore dollar jumped to a record after a trade ministry report showed gross domestic product rose at an annual rate of 23.5 percent last quarter from the previous three months. That’s up from 3.9 percent in the fourth quarter, and compares with the 11.4 percent median estimate in a Bloomberg News survey of 14 economists. The central bank said separately it will allow the Singapore dollar to appreciate more.